Lenders Protection (“LP”) is a product developed by Open Lending that provides a risk management program featuring default insurance coverage for near-prime and non-prime auto loans. The Lenders Protection program is a unique auto lending enablement platform that allows auto lenders to model their specific overhead and funding costs and set a target ROA for their insured portfolio.
Because LP is integrated with the Allegro™ Lending Suite, all users with LP login credentials can directly access their account from within Allegro™ and create automated decisions to directly apply Lenders Protection quotes to new deals that qualify.
Part of the set-up process with LP for each lender is an in-depth analysis of the lender’s risk to return profile for lower grade credits. The details are programmed into the Lenders Protection system.
When an LP quote has been requested, all the rates, terms and stipulations that are returned will reflect the lender’s desired yield for the risk of that applicant, while being tailored to the lender’s policies.
Each lender may choose to make its own credit decision on each application or they can automate the process by enabling the automation settings in Allegro™.
LendPro™ in Allegro™
LendPro™ Overview
• Add or remove Lenders Protection at any time during the deal
• Generate new rates and terms in under a minute
• Compare Lenders Protection quotes with current deal conditions
• Create automated settings to automatically apply LendPro quotes the fit deals in those settings
• Obtain certificate from within Allegro™ after funding the deal
• Protect your loans with the click of a button
• Receive personalized quotes to fit your qualifications
• Access all Lenders Protection settings without leaving Allegro™
• Payment only required when applying the certificate
• Lenders Protection Activity report presents succinct summation of all account activity
“We value this growing partnership and look forward to the continued mutually beneficial outcomes for both Open Lending and ILT. Further, the opportunity to enable our lender clients to say YES to more automotive loans means a great deal to us.”
John Flynn // Open Lending, CEO and President
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